The Chief Minister’s Self-Employment Scheme- Gilgit-Baltistan (CMSES- GB) was launched in April 2013 with an aim to stimulate entrepreneurship and development at the bottom of the economic pyramid through a virtue-based approach for poverty alleviation. By providing access to financial services, the Chief Minister’s Self-Employment Scheme- Gilgit-Baltistan seeks to empower low-income families to make their own choices and construct their way out of poverty in a sustained and self-determined manner. To this end, the Government of Gilgit-Baltistan through the Ministry of Youth Affairs signed an agreement with Akhuwat Islamic Microfinance, Pakistan’s largest interest-free microfinance institution, as microfinance provider.
2) Major Objectives of the Project:
To reach out to the low-income groups of people living in Gilgit Baltistan and support them with interest free loans enabling them to earn their livelihoods.
To help improve the socio-economic conditions of the target segment of the society through financial and social inclusion.
To promote self-employment.
3) Salient Features of Project:
First ever interest free loans project in Gilgit Baltistan.
Loan size ranges from Rs. 10,000 to Rs. 75,000.
Loans are given for businesses and setting small enterprise only.
Loans are disbursed in mosques/church/religious places to ensure transparency and participation.
There is no mark-up, interest and service charges on these loans.
Skilled persons of Rupani Foundation, Beedar, KADO, NAVTEC will be preferred.
Loans are given after due scrutiny and appraisal according to an eligibility criterion on first come first serve basis.
This is the largest interest free small loans scheme in Gilgit Baltistan jointly ventured by a government agency and a civil society organization.
4) Eligibility Criteria:
Applicant should not be convicted of any criminal offence in lieu of which proceedings are in progress. However, nature and severity of the offense should be considered.
Applicant should be healthy and it shall be ascertained that the applicant is not suffering from any fatal disease.
Loans shall be sanctioned on first come first serve basis.
Akhuwat Islamic Microfinance shall follow graduation model in disbursement of loans.
Applicant should have valid CNIC.
Applicant should be economically active.
Applicant should be of maximum age of 60 years
Applicant should have good social and moral character in his community.
Applicant should not be willful defaulter of any other Microfinance institution.
Applicant should not have any active loan with Akhuwat Islamic Microfinance by himself or by any other family member who are being shared combined kitchen.